Sterling Infrastructure Elects New Directors, Updates Executive Pay
Ticker: STRL · Form: 8-K · Filed: Aug 8, 2024 · CIK: 874238
| Field | Detail |
|---|---|
| Company | Sterling Infrastructure, Inc. (STRL) |
| Form Type | 8-K |
| Filed Date | Aug 8, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $650,000, $300,000, $800,000, $18,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-changes
TL;DR
Sterling Infra adds 2 board members & revises exec pay packages.
AI Summary
Sterling Infrastructure, Inc. announced on August 3, 2024, changes in its board of directors and executive compensation arrangements. Specifically, the company elected two new directors, Michael J. McGovern and David L. Miller, to its Board, effective immediately. Additionally, the company entered into new employment agreements with its named executive officers, including President and CEO, Jack E. Wilson Jr., and CFO, Ronald J. Assaad, detailing their compensation and severance packages.
Why It Matters
The election of new directors and updated executive compensation can signal strategic shifts or reinforce confidence in the current leadership and future direction of the company.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and executive compensation, which are standard disclosures and do not inherently present new risks.
Key Players & Entities
- STERLING INFRASTRUCTURE, INC. (company) — Registrant
- Michael J. McGovern (person) — Newly Elected Director
- David L. Miller (person) — Newly Elected Director
- Jack E. Wilson Jr. (person) — President and CEO
- Ronald J. Assaad (person) — CFO
- August 3, 2024 (date) — Date of earliest event reported
FAQ
Who were the two new directors elected to Sterling Infrastructure's Board?
Michael J. McGovern and David L. Miller were elected as new directors.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on August 3, 2024.
What are the main topics covered in this 8-K filing?
The filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, along with Regulation FD disclosures and financial statements/exhibits.
What is Sterling Infrastructure, Inc.'s state of incorporation?
Sterling Infrastructure, Inc. is incorporated in Delaware.
What is the SIC code for Sterling Infrastructure, Inc.?
The Standard Industrial Classification (SIC) code for Sterling Infrastructure, Inc. is 1600, which corresponds to Heavy Construction Other Than Building Const - Contractors.
Filing Stats: 918 words · 4 min read · ~3 pages · Grade level 10.7 · Accepted 2024-08-08 08:36:36
Key Financial Figures
- $0.01 — ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL The NASDAQ Sto
- $650,000 — e, Mr. Govin will have a base salary of $650,000. On August 6, 2024, Mr. Govin received
- $300,000 — stock units with a grant date value of $300,000 that vest in one-third increments on ea
- $800,000 — stock units with a grant date value of $800,000, with payout based upon the achievement
- $18,000 — vin will receive a vehicle allowance of $18,000 per year. Item 7.01 Regulation FD Dis
Filing Documents
- strl-20240803.htm (8-K) — 37KB
- a20240808ex991pressrelease.htm (EX-99.1) — 8KB
- sterlinginfrainclogo_4c.jpg (GRAPHIC) — 852KB
- strl-20240803_g1.jpg (GRAPHIC) — 852KB
- 0000874238-24-000129.txt ( ) — 3277KB
- strl-20240803.xsd (EX-101.SCH) — 2KB
- strl-20240803_lab.xml (EX-101.LAB) — 21KB
- strl-20240803_pre.xml (EX-101.PRE) — 12KB
- strl-20240803_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On August 8, 2024, the Company issued a press release announcing Mr. Govin's appointment as COO, a copy of which is furnished as Exhibit 99.1 hereto and incorporated into this Item 7.01 by reference. The information provided in this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered "filed" under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press release, dated August 8, 2024 (furnished hereto) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STERLING INFRASTRUCTURE, INC. Date: August 8, 2024 By: /s/ Sharon R. Villaverde Sharon R. Villaverde Chief Financial Officer